CAclubindia Articles
FAQ on DIN
Frequently Asked Questions (FAQ) on 'Director Identification Number (DIN)' 1. What is Director Identification Number (DIN)? Itis an unique Identification Number allotted to an individual who is anexisting director of a company or intends to be ap
Accountant Malpractice Lawsuits - Collection Tool for Lenders?
Accountant Malpractice Lawsuits - Collection Tool forLenders?By Grusd, Neville Lenders occasionally sue accountants for malpractice.This generally occurs when the lender suffers a lossand claims that the advances were made in reliance onincorre
Gifts - Taxable or Non Taxable
Applicability :Individual and HUFTaxability:Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year without consideration,by an Individual or a HUF from any persons on or after 01.04.06 then the whole of th
Guidelines for preparation & appearance in exams
Examination Guidelines:While there is no substitute forhard work, here are a few guidelines that will supplement your efforts inpassing CA/CWA/CS examinations. PreparationStudy from Study Notes of the Institute for all subjects supplemented by othe
Microsoft Excel Fails Math Test
Microsoft's Excel 2007 spreadsheet program is going to have to relearn part of its multiplication table.Ina blog post, Microsoft employee David Gainer said that when computerusers tried to get Excel 2007 to multiply some pairs of numbers and t
Sec 43A of the IT Act Vs. AS 11
Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B
A brief Note of Inventory Valuation
Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i
Sale during Import or Export - as per CST
Sale in course of exportArticle 286(1)(b) of Constitution of India prohibits imposition of sales tax on import and export by State Government. Since charging section 6(1) of CST Act levies tax only on inter-State sale, naturally, there is no CST on s
Declared goods as per CST Act
Goods of special importanceThere are restrictions on imposition of sales tax on declared goods.Article 286(3)(a) of Constitution of India authorises Parliament to declare some goods as of 'special importance' and to impose restrictions and conditions
Planning /Selecting Performance Audits
By Turksema, Rudi van der Knaap, PeterAll performance auditors share the same goal: to auditthe most relevant problems using the right people andthe most appropriate methods and techniques at theright moment and to use the audit findings to make amea
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